The crash happened on northbound Highway 401 and Banks Road near Fuquay-Varina.
Troopers say a Chrysler mini-van rolled through a red light into the path of the SUV. Wake school officials say the SUV was a contracted school transportation vehicle.
Investigators said everyone in the SUV was buckled up, but two students were ejected from the vehicle when it flipped over.
Two of the students were treated and released from WakeMed. The third student - a 12-year-old - is listed in fair condition.